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Hong Kong Property Market Policy Address 2023

Nest Property

Following Chief Executive John Lee Ka-chiu’s second policy address, the anticipated updates in the property market appear promising, albeit not as extensive as some had hoped. From housing affordability initiatives to development plans, these key takeaways are set to reshape the city’s real estate landscape.

01. Stamp Duties

SPECIAL STAMP DUTY (SSD)
A 10% SSD will apply exclusively to property resales after two years, which is a reduction from the previous three-year threshold.

BUYER’S STAMP DUTY (BSD)
Reduced BSD to 7.5 percent from 15 percent for non-permanent residents and residents acquiring a second or additional home.

STAMP DUTY FOR OVERSEAS TALENT
Overseas talent are exempt from property stamp duty payments unless they do not meet the criteria for permanent residency.

Who can qualify for this under the the Top Talent Pass Scheme (TTPS)?

Category A:

  • Individuals with an annual income of HK$2.5 million or more in the preceding year, derived from taxable employment or business income (excludes income from personal investments).

Category B:

  • Graduates from eligible universities with a degree.
  • At least three years of work experience in the five years preceding the application.

Category C:

  • Graduates from eligible universities with a degree.
  • Less than three years of work experience.
  • Availability of a limited annual quota.
  • Not applicable to non-local students who earned their undergraduate degree in a full-time and locally-accredited program in the Hong Kong Special Administrative Region (HKSAR).

    For more information on this please visit the Immigration Department’s website.

02. Green Belt

There shall be no development on the Green Belt.

03. Kau Yi Chau Artificial Islands

Will be developed as a new central district, connecting Hong Kong Island, Lantau Island, the airport, New Territories West and Qianhai of Shenzhen.

04. The Northern Metropolis Plan

Will prioritise economic and social development through strategic initiatives, including reserving sites for international schools development.

For more info or assistance in buying or selling your property, please contact us at [email protected]